HNA seeks long-term investment in step toward bankruptcy restructuring
The once high-flying Chinese conglomerate HNA Group is seeking strategic investors for its airline, airport and retail businesses after receiving court approval to include the giant and 320 of its related companies in a single bankruptcy restructuring case.
HNA’s decision offers a glimpse at which parts of the conglomerate’s sprawling business empire might survive restructuring as the company attempts to crawl out from under the heap of debt it amassed during a global buying binge.
In one of the announcements, HNA’s restructuring team said that would-be strategic investors will be required keep operations of the private conglomerate’s core airline business unchanged. Specifically, investors won’t be allowed to sell any of HNA’s airlines, such as Shanghai-listed Hainan Airlines which is in danger of being delisted.